Naira Appreciates by 0.12% Against US Dollar on Tuesday

The Naira strengthened against the US dollar, gaining 0.12% on Tuesday, June 14 in the Investors and Exporters (I&E) segment of the foreign currency market.

Naira Appreciates by 0.12% Against US Dollar on Tuesday

It was exchanged at N420.75/$1 during the trading session, compared to the N421.25/$1 it traded, indicating a modest FX demand pressure.

The value of FX transactions jumped by 9.5 percent, or $9.97 million, to $115.08 million yesterday from $105.11 million, according to data from the FMDQ Securities Exchange.

The local currency appreciated by N19.05 against the Pound Sterling to settle at N502.44/£1 compared to N521.49/£1 in the previous session, and it also appreciated by N11.80 versus the Euro to sell at N434.59/€1 compared to N446.39/€1 the previous trading day.

On the other hand, Naira depreciated slightly against the Dollars at the official foreign exchange window managed by the Central Bank of Nigeria (CBN).

• Dollar To Naira Exchange Rate Today 11 Nov 2021

The local currency was sold at N415.72 to a United States Dollar, slightly lower than the N415.63 it was exchanged for on Thursday.

Additionally, Naira continued under pressure in the unregulated black market, trading around N610 to the US dollar in Lagos and Abuja. It was traded at N605 in Ibadan on Tuesday.

Nigerians bought the British Pounds at N748 and sold them at N740, despite the Central Bank of Nigeria regulating that they be traded around N505. Most forex merchants, on the other hand, blamed the apex bank for the black market’s growth, claiming that a lack of currency compelled most enterprises to use it.